Binary Options Brokers
- Recommended Brokers: I actively use these brokers for my own personal trading. Since they’re good enough for me to use, I figure that they’re good enough for everyone as well.
At the end of the day, it’s still your money so I suggest you do your own due diligence prior to depositing with any broker regardless of who’s recommending them (including me).
Learn More About Binary Option Brokers
When I first began trading Binary Options back in October of 2010, there were only a handful of brokers at the time. Given their seniority, these brokers are often referred to as the “originals” by seasoned Binary Option traders such as myself. What you may not be aware of is the fact that this group of originals is commonly engaged in shady business practices. This is one of the many reasons as to why veteran Binary Option traders have stopped trading at these brokers. You’d think that after a few years, brokers in general would stop engaging in these types of practices, but they haven’t learned their lessons yet. It seems most of them are still willing to sacrifice their reputation simply to get a slight increase in profits.
Currently there are over 250 Binary Option brokers in the industry as of this month (October, 2013). You may be wondering how I came upon this figure. There are only three white label Binary Option platform providers in the industry: SpotOption, TradoLogic and TechFinancials. This is why when you compare brokers, they often look the same with the only difference being their color scheme. However, what it ultimately boils down to is the management and support staff behind each Binary Option broker. The management dictates how the platform is run (fair versus shady) while the support staff take care of the clients.
As you scour the Binary Option industry for honest reviews, you won’t likely find too many. Considering there are hundreds of Binary Option brokers, this means there are also hundreds of affiliate sites posting false positive and negative reviews; you can tell if the affiliate site is honest or not by how much value they provide. If you’ve already watched my lessons then you’ll know that my educational videos provide concise and high quality lessons on Binary Options. If you have yet to watch them, feel free to check them out on my curriculum page: http://www.financialtradingschool.com/curriculum/binary-options/. In case you are wondering, all of my videos are provided for free and can also be watched on YouTube.
Something I’ve noticed with new traders, is their willingness to try out new brokers. If you’re inexperienced, why would you want to be the pioneer and try out a new broker? You don’t know anything about them, they could end up being a scam or shady broker. When you’re new, the best way to learn is to listen to a veteran. Don’t try to be a hero and try out a broker that no one else uses. Leave that job to the veteran traders with experience, let them figure out the binary option scams. In the mean time, just go with my recommended brokers and you’ll be in good hands.